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FACT CHECK: Is Govt Offering Rs 1 Lakh Loan On Payment Of Rs 1,750 Under Mudra Yojana? Here's The Truth

Debunking the fraudulent message, PIB said “An approval letter claims to grant a loan of Rs 1,00,000 under the PM Mudra Loan Yojana on payment of Rs 1,750 as loan agreement charges. This letter is Fake. FinMinIndia has not issued this letter.”
Authored by: TN Digital
Edited by: Surabhi Shaurya

Updated Apr 25, 2023 | 01:25 PM IST

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Is Govt Offering Rs 1 Lakh Loan On Payment Of Rs 1,750 Under Mudra Yojana?

Is Govt Offering Rs 1 Lakh Loan On Payment Of Rs 1,750 Under Mudra Yojana? (Reptresentational Image)

Photo : iStock
FACT CHECK: A fake letter claiming that the Ministry of Finance has issued an approval letter, charging Rs 1,750 as a loan agreement fee to grant a loan up to Rs 1 lakh under the Pradhan Mantri MUDRA Yojana has been doing rounds on social media. The letter also stated that the rate of interest would be 5 per cent under the NRI Funding Scheme and there would be no charges for fees on part payment. However, when PIB conducted a fact check the message turned out to be fake.
Debunking the fraudulent message, PIB said “An approval letter claims to grant a loan of Rs 1,00,000 under the PM Mudra Loan Yojna on payment of Rs 1,750 as loan agreement charges. This letter is Fake. FinMinIndia has not issued this letter.”

CLAIM: A loan of ₹1,00,000 under the 𝐏𝐌 𝐌𝐮𝐝𝐫𝐚 𝐘𝐨𝐣𝐚𝐧𝐚 on payment of ₹1,750 as loan agreement charges.
FACT: This letter is fake as the Finance Ministry has not issued any letter.

What is Pradhan Mantri Mudra Yojana? Pradhan Mantri Mudra Yojana (PMMY) is a flagship scheme of the Government of India that facilitates micro credit/Loans up to Rs. 10 lakhs to income-generating micro enterprises engaged in the non-farm sector in manufacturing, processing, trading or service sector1. The scheme was launched by PM Modi on April 8, 2015. These loans are given by Commercial Banks, RRBs, Small Finance Banks, MFIs and NBFCs.
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